The Company
The Company is a Southeast Asia-based and stated-owned lottery company.
The Objectives
The Company was seeking to:
- Enable business units to generate standard templates
- Maintain an audit trail on all contract-related communications, including communications with counterparties (specifically for tender processes)
- Simplify approval processes while ensuring that the right approvals are obtained for all contracts and that only approved contracts are ultimately signed
The Business Case
The Company is a nationwide gaming company that provides lottery, sports, and horse betting services and processes more than 2,000 commercial contracts a year across five divisions – excluding standard terms and conditions.
As the Company is a regulated entity, there are extensive approval processes involving, at times, multiple division heads and their deputies. Approval times can take up to three weeks due to the manual nature of the approval gathering process which involves emails being sent to the relevant approvers that are then responded to via email. While there are specific timelines for each approver to provide their email confirmation, these are not enforced and there are no mechanisms for automated reminders.
Generation of contracts was another challenge with even the most standard templates taking up to a week to be prepared. Each contract request needs to be filed and a member of the legal team will then be assigned to manually prepare the contract based on a template kept in a common shared folder.
The Company engaged Lexagle in Q1 of 2022 to digitize and automate the approval gathering process and the provision of an eSigning solution. The mandate was subsequently broadened to include the digitization of all internal contract templates for auto-generation. Lexagle ensures that all company policies in respect of the generation and usage of such contracts are adhered to by ensuring that only specific (or otherwise approved) changes can be made to the templates thereby allowing the business units the flexibility of generating their own contracts while also ensuring that the Company’s internal policies and legal requirements are adhered to.
The Solution
Change management and process advisory were completed within three months of engagement with a subsequent one month configuration and implementation period including three training sessions.
The business units found the Lexagle platform easy to use which led to a post-implementation adoption rate of more than 86% as measured by daily active users.
More than 70% of all contracts signed by the Company since the implementation of Lexagle also originated from the auto-generated templates.
Administration of the entire Lexagle platform, including onboarding of new users and changes in workflows and templates are all undertaken by a dedicated administrator provided by Lexagle.
The Results
- 400+ contracts have been processed on the Lexagle platform in three months.
- Average contract lifecycle duration reduced by 30% across all contracts from a pre-Lexagle duration of 29 days to less than 20 days.
- Standardised customer contract templates auto-generated on the Lexagle platform by sales and business development teams reduced the time taken to prepare a customer contract from an average of five days (prepared by the legal team) to under 10 minutes (auto-generated by the individual business units).
- Approval processes, involving up to six different approvers, have been reduced to under two days on average.
